Reading price action we can see that USDJPY has shifted up in momentum creating higher highs and higher lows. The price has now broken previous areas of interest and is now testing as new support. Reading the structure we can see the price is creating an inverted head and shoulders in confluence with a flag formation. Notice how the price has failed to break this zone with the long-wick rejection we are seeing at 130.500. If the price manages to hold above this zone look to buy back up to 134.500 key psychological zone. If the price manages to break we must reevaluate price action. Use proper risk management.
This is not financial advice. The information shared is the opinion of a Chartaddicts analyst. Please do your own research.